University City Resident Gets 8 Years for Fraud

Joshua Gould of University City was sentenced Friday to 8 years in prison for his involvement in a multi-milion dollar securities fraud scheme.

In May, the 32-year-old former financial representative withWoodbury Financial Services, Inc. and affiliate of Spetner Associates pled guilty to one felony count of wire fraud and one felony count of mail fraud.

According to court documents, between 2007 and 2010, Gould and David Rubin, an employee and operator of two local offices ofCoral Mortgage Bankers Corporation, embezzled approximately $1,500,000 from an individual.

The States Attorney’s Office said Gould used the victim's money for personal expenses including car payments, mortgage payments, paying off credit card bills, renovating his home, jewelry, and strip clubs. Gould also used the money to finance start up costs and operational costs of several business ventures.

Gould is also accused of embezzling approximately $3,500,000 from numerous brokerage clients, charitable organizations, as well as the beneficiaries of the RARJI Trust. The brokerage clients were, for the most part, senior citizens and retirees. 

Gould's co-defendant 48-year-old David Rubin of Chesterfield pled guilty to one felony count of wire fraud, and is scheduled for sentencing September 23, 2011.